This was an easy guess. But glad that it happened sooner than expected. India Govt. has announced a set of benefits for merchants, businesses and people for going cashless. If you still haven’t switched completely to cashless, do it today. Here are the resources you need. I have a set of articles dedicated towards cashless economy, check it out here.
List of benefits for going cashless in India
- Discount on Petrol – A 0.75 per cent discount on purchases of petrol and diesel (at Central Government Petroleum PSUs) using credit or debit cards, e-wallets and mobile wallets. If you are looking for credit cards that allow cashback on fuel purchases, here they are.
- Railway ticket discounts – People buying monthly or seasonal tickets in suburban railway networks through digital payment systems will get a 0.5 per cent discount on purchases.
- Accidental life insurance – Passengers who book railway tickets online through digital methods, will receive accidental insurance cover worth Rs 10 lakh.
- Discount on railway catering – There will also be a discount of 5% on digital payments for railway catering, accommodation, and retiring rooms.
- No transaction fees for Govt. dealings – Public dealings with (central) government departments and PSUs through digital mode will be free of transaction fees and Merchant Discount Rate (MDR) charges.
- Less monthly rents for POS systems – For shops and merchants switching to digital payment gateways, there won’t be rent more than Rs.100. This includes point of Sale terminals, micro ATMs, and mobile Point(s) of Sales.
- Discount on Life insurance policy premiums – There will also be a discount or credit, up to 10% of the premium in general insurance policies and 8% in new life policies of Life Insurance Corporation sold through the customer portals, in case payment is made through digital means. (Just get one of the best cashback credit cards here.)
- 10% Discouns on tolls – There’s also a 10 per cent discount on payments made using RFID or Fast Tags for at Toll Plazas on national highways. (Just get one of these mobile wallets.)
- No service tax for credit card payments – Also, credit and debit card transactions worth up to Rs 2,000 will be exempt from service tax. Yay!
P.S – My guess is that India Govt. will also abolish income tax sometime in 2017. Let’s wait and watch.